how to use Fibonacci to stop a falling knife (JBLU / NIO)

This is a technique I use to figure out where a stock that is falling hard may stop. In many cases, people fail to realize how much further a stock can actually fall, especially when it seems like it is already beaten up. JBLU and NIO are perfect examples, and Fibs can tell you exactly where to go long, or at lest, where to start watching for a safe long entry.

I'd like to hear about what you know about this technique and if you find some stocks that fit the bill, post in the comments and share. Thanks!